York, New York.
Situated at the corner of Houston and Forsyth in Manhattan, this 46 room hotel is located in the heart of a thriving neighborhood.
Gemini Real Estate Advisors acquired the property along with 16 other tenant-in-common investors who were completing 1031 exchanges.
"This is a great time to own a hotel in New York," said Will Obeid, Gemini President.
"The proliferation of condo conversions as well as the growing number of visitors to New York has left the city with a growing demand for hotel rooms.
"The impact of 9/11 has generally abated, with occupancy and room rates returning to pre-9/11 levels. We identified these trends and started looking for the right asset."
According to PricewaterhouseCoopers' 2005 forecast for Manhattan, the strong local economic growth combined with an increase in business travel and international arrivals will lead to the continuation of robust revenue per available room in 2005 and 2006. The Howard Johnson Hotel is located at a pivotal intersection of the Lower East Side and the East Village.
Obeid continues, "We are thrilled to be part of the neighborhood's revitalization. This is the first securitized TIC deal completed in Manhattan which is a watershed event for the industry.
"The inherent challenges with acquiring real estate in Manhattan were compounded by our complex TIC structure designed to provide a suitable 1031 exchange for our investors."
FindArticles > Real Estate Weekly > Sept 14, 2005 > Article > Print friendly
http://www.findarticles.com/p/articles/mi_m3601/is_5_52/ai_n15662323/print

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